Frank26: FRANK TOLD WALKINGSTICK THEY JUST TOLD THEM TODAY IN IRAQ THE HCL IS IN THE BUDGET.
WS RESPONDED AND SAID NOT AT A PROGRAM RATE. IT WILL NOT WORK WITH THE ACCOUNTING.
THE KNOWLEDGE OF THE HCL IN THE BUDGET IS NOT A CLUE OR A HINT ABOUT A NEW EXCHANGE RATE, IT IS A FACT OF THE MONETARY REFORM EDUCATION TO THE CITIZENS.
Clare: Iraqis banned from trading in US dollar
May 14th, 2023
Bolstering the Iraqi dinar: Traders, civilians banned from buying, selling in U.S. dollar
ALBWABA – The Iraqi Ministry of Interior issued a ban on Sunday, prohibiting traders and civilians from conducting business in the United States (US) dollar, according to Arabian Business.
Organized Crime Directorate’s Director of Operations Brig. Gen. Hussein al-Tamimi confirmed that a circular was issued by the ministry, prohibiting the use of U.S. dollars in business transactions.
Merchants and citizens are told to use the Iraqi dinar in markets, shops and commercial centers, he added.
Written pledges are being collected from traders across the country, as part of the Central Bank’s “Bolstering the Iraqi Dinar” campaign, al-Tamimi explained.
The effort is aimed at limiting exploitation in the U.S. dollar black market, he underlined, and mitigating dollarization in Iraq.
According to the Iraqi official, undercover and civilian police personnel have been deployed in shops and markets around the nation to support the enforcement of the band.
Under the ban, transactions in the U.S. dollar will be limited to the Central Bank of Iraq and exchange shops, the Al Eqtisadiya news website highlighted.
Understanding the Iraqi monetary scene
In November 2022, the United States imposed tighter measures on U.S. dollar exchange outlets in Iraq, in an effort to curb dollar smuggling into and out of neighbouring countries.
These measures entail a 15-day waiting period on dollar purchase requests submitted to the central bank. As well as the issuance of manifests detailing the names and entities involved in every purchase.
Overall, these measures reduced the amount of U.S. dollars purchased from the central bank by market operators.
This resulted in a shortage in the amount of dollars in supply locally in Iraq, as reported by U.K.-based news and media outlet The New Arab.
Instead of procuring dollars from the central bank, buyers have been buying from illicit operators, who sell at higher prices than the official exchange rate.
As of January this year, the US dollar was being sold at more than IQD200 over the official exchange rate, according to the UK-based media outlet.
Since then, the Iraqi Dinar has fallen against the U.S. dollar, from IQD1,460 to IQD1,600. Whereas the Iraqi government has been unable to break its currency’s decline.
The central bank also banned currency brokerage and set the exchange rate at IQD1,320, but the dollar is still being exchanged at IQD1,445, according to Al Eqtisadiyah on Sunday.
So far, the government is hopeful that backing policy with enforcement and rallying the market behind the central bank’s policy would help rectify the situation. LINK
Frank26: WALKINGSTICK & I WANT YOU TO KNOW THIS IS TALKING ABOUT IRAQ BECOMING A FINANCIAL CENTER & ECONOMIC HUB IN THE MIDDLE EAST AND AROUND THE WORLD. (See article below) THIS ARTICLE TALKS ABOUT WORLD BANKS POURING INTO THE CBI/IRAQ.
THEY ARE CREATING, IN THE SOUTHERN REGION A CITY OF FINANCIAL POWER COMPRISED OF PRIVATE BANKS, COMMERCIAL BANKS, LAND BANKS WHICH ARE REAL ESTATE BANKS, AGRICULTURAL BANKS FOR RESOURCES, MINING/DRILLING/UNTAPPING IRAQ’S RESOURCES.
ALSO WE WANT TO SHARE IN OUR OPINION CHASE BANK WILL BE A PART OF THIS…..FRANK26
For the first time in Iraq… planning to establish a “huge” financial center in a southern governorate
The Iraqi economist, Hussein Al-Hanin, revealed, on Monday, the details of establishing the idea of a financial center for the first time in Diwaniyah Governorate, stressing that this will cause an economic boom in the financial situation of the governorate.
Al-Hanin, who is the owner of the project idea, told Shafaq News agency, “The idea of establishing a financial center is a new and unprecedented idea in Iraq, and the idea was launched due to an old effort to establish two branches of the Commercial Bank of Iraq (TBI) and the Industrial Bank in Diwaniyah,” pointing out that “The financial center will be on a land area of 6 dunums, and its location will be towards the south of the center of Diwaniyah Governorate, and close to the public markets.”
He explained that “the center will include 4 banks (Al-Rafidain, Al-Rasheed, Al-Sana’i, and TBI), and there may be a fifth distinguished private bank,” noting that “the banks are naturally looking for distinguished places, and this designated place is designed mainly for financial services, and it will also include a stock market and a special market for corporate traders.” Banking, and the facade of the financial center design will include international brands that enter for the first time in Diwaniyah Governorate, as well as the center will include an indoor garage with three floors.
Al-Hanin stressed, “Some people imagine that the funds for establishing the center are from the budget, and in fact its financing will be preceded by negotiation with the Commercial Bank of Iraq, and perhaps the cabinet will be approached through the governor of Diwaniyah, if the funding ceiling exceeds the permissible limits for the administration of the Commercial Bank of Iraq, for the purpose of Obtaining the approval of the Council to finance the project.
The owner of the idea of the project noted that “the benefit of this center in Diwaniyah specifically is to facilitate projects, give loans and mobilize the labor force, as well as rotate capital in the province, and move the investment wheel. by her family.” LINK